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The Standard Error
The law of large numbers can be combined with the standard error (SE) in order to not only get an estimate of a parameter, but also a notation of robustness of the estimate. The standard error lets us know how confident we can be about the estimate.
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The Law of Large Numbers
The law of large numbers (LLM) is one of the most fundamental theorems of statistics. It states that the average value of a repeatedly performed random experiment tends to the mean value. But what does this mean? And why is it so powerful?